{"F": {"ts_code": "300245.SZ", "name": "ST天玑", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20110719", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.07, "pe_ttm": null, "pb": 1.6431, "dv_ttm": null, "total_mv": 185165.35, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.9, 32.3, 24.8, 19.6, 23.6, 24.9], "rev_series": [4.9, 5.4, 6.0, 4.1, 4.3, 4.7], "np_series": [0.4, 0.4, -0.0, -0.7, -0.6, -0.3], "roe_series": [2.7, 2.7, -0.2, -5.0, -4.3, -2.5], "period": "20260630", "rev_ttm": 4.5, "np_ttm": -0.3, "ocf_ttm": 0.4, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": 2.4, "gm_median": 24.8, "gm_std": 4.1, "gm_stab": 0.84, "gm_chg_2022": -9.1, "npm_median": -6.6, "roe_median": -2.5, "commodity": false, "hard_ratio": 18.1, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 1.64, "capex_dep": 2.94, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 18.4, "debt_mv": 0.6, "payout": null, "div_years": 1, "rev_cagr3": -7.9, "np_cagr3": null, "rev_yoy": -15.1, "np_yoy": -2.0, "np_vol": 879.4, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["IT支持与维护", 21.0], ["IT外包服务", 15.0], ["其他主营业务", 6.0]], "ret_prev_year": -22.6, "ret_prev2_year": 77.2, "ret_ytd": -49.8, "ret_pivot": -2.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.8, "ret_60": 8.0, "ret_120": -49.6, "ret_250": -68.5, "mdd_250": -74.3, "vol_250": 56.2, "pos_52w": 31.5}, "S": {"duration": 100, "pricing": 46, "hard": 29, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 18%,有息负债 0 亿,经营现金流/市值 2.4%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率近 5 年中位 24.8%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.5%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -9.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 2.94 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -68%,最大回撤 -74%,年化波动 56%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 8% / 8% / -50%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "ST天玑:PE ;股息率 ;毛利率 比行业中位低 3.3个百分点;固定资产占比 比行业中位高 9.5个百分点。"]}}